Zheng Quan Ri Bao·2026-01-05 22:43Core Viewpoint - The recent completion of public fund fee reform has prompted commercial banks to actively adapt by launching customized products, particularly in the FOF (Fund of Funds) sector, indicating intensified competition among leading banks in fund distribution [1][2]. Group 1: Bank Initiatives - China Construction Bank has launched a customized FOF brand "Longying FOF," following the introduction of "TREE Changying Plan" by China Merchants Bank, marking a significant entry into the customized FOF market by major banks [1]. - The "Longying FOF" aims to provide a one-stop asset allocation service, addressing the challenge of fund selection for retail investors through diversified strategies and strict risk control [1]. Group 2: Market Drivers - Three core drivers for banks' engagement in customized FOFs include: 1. The pressure on yields from fixed-income products, necessitating product innovation to enhance competitiveness [2]. 2. The public fund fee reform has reduced traditional profit margins from subscription fees and trailing commissions, pushing banks to enhance service value through customized products [2]. 3. Upgraded investor demand for tailored financial solutions that customized FOFs can meet effectively [2]. Group 3: Industry Transformation - The shift towards customized FOFs is expected to reshape the banking business landscape by transitioning revenue sources from front-end sales fees to ongoing management fee sharing linked to asset management scale, thereby improving the quality and stability of intermediary income [2]. - The product holding period mechanism is anticipated to reduce frequent redemptions, enhancing client asset stability and loyalty [2]. - The strategic shift will compel banks to enhance their professional capabilities, moving from merely introducing products to becoming buyer advisors, thereby strengthening their client service capabilities [2]. Group 4: Future Outlook - With the migration of household wealth towards financial assets and strong demand for stable investment options, banks are positioned to become key players in the FOF market due to their extensive customer reach and inherent trust [3]. - If banks successfully leverage their channels and gain market acceptance, the scale of customized FOFs is expected to grow significantly, capturing a substantial market share [3]. - The long-term sustainability of this business will depend on banks' ability to establish matching professional asset allocation capabilities and consistently deliver quality holding experiences for investors [3].